F+W Publications has shuttered five magazines under its Wisconsin-based Krause Publications division, FOLIO: has learned. The titles include Antiques and Collectibles Journal, Comics & Games Retailer, Toy Cars & Models, Toy Shop and Vintage Motorcycles, the publisher confirmed.

F+W made the announcement to employees earlier this month in an internal memo. As many as 40 employees have been laid off, a source tells FOLIO:, although another source put the number closer to 15. F+W declined to confirm the number of layoffs.

"We take into consideration the marketplace we serve and the opportunities available for each of our magazine titles. After much analysis and deliberation, we have determined to cease publication of these underperforming tittles," chairman and CEO David Steward stated in an e-mail to FOLIO:.

"We are working to realign our business model and structure to meet the changing demands of the marketplace," F+W magazine division president David Blansfield wrote in an e-mail. Krause will continue to publish its other hobbyist titles, including Antique Trader and Old Cars Weekly.

F+W purchased Krause Publications in June 2002 for $120 million.